Home Buying in Garden City>Question Details

Kay, Home Buyer in Garden City, MO

Can i get an FHA First time home owner's loan with only one credit score of 620?

Asked by Kay, Garden City, MO Sun Dec 2, 2012

Help the community by answering this question:


Is crucial that you start shopping around for a mortgage broker, they have acces to many banks, private lenders and different programs. Choose one that can answer all your questions on the first meeting.

Best of Luck,

Maria Cipollone

Century 21 Tenace

1 vote Thank Flag Link Tue Dec 18, 2012
If you are saying that one of your three scores is 620, and the other two are LOWER; then you are probably out of luck for a while:
You would need at least a 620, (according to FHA's website) and then they would look at your Debt to Income Ratio (DTI).
It would be in your interest anyway, to get those scores up; as you might obtain a more favorable Interest Rate on your loan.
Be patient, Grasshopper.
0 votes Thank Flag Link Mon Dec 24, 2012
Per Brenda Bland with Plaza Mortgage, FHA now requires a credit score of 640. Keep working on improving your score!! And have a successful 2013!!
0 votes Thank Flag Link Mon Dec 24, 2012
You need a minimum credit score of 640 to qualify for an FHA loan.
0 votes Thank Flag Link Tue Dec 18, 2012
You need to start by sitting down with a HUD approved counselor to help you plan out improving your credit scores, saving for a downpayment and understanding the costs of owning a home. Go to
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm to find the counselors in your area.
0 votes Thank Flag Link Sun Dec 2, 2012
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